According to the second advanced estimates, several contact sensitive sectors are yet to cross the levels of pre-pandemic growth. The Production Linked Incentives (PLI) schemes are expected to enhance the export potential of multiple sectors of the economy and increase self sufficiency in manufacturing. Initiatives such as Gatishakti are expected to bolster capital investments in infrastcurture and bridge existing gaps in the system. Structural reforms initiated by the government are expected to serve as guardrails against external shocks to economic activities. The persistence of high prices as a result of the Russia-Ukraine conflict has the potential to impact economic activity. Although the aformentioned instability can pose supply chain disruptions and upside risks to information, positive domestic trends including the increase in GST collections and capital expenditure could moderate the impact.